A 40-year-old Nigerian, known as “Mike,” has been arrested by Interpol for stealing more than US$60 million by tricking businesses into handing over funds by posing as trusted suppliers.

Mike did not act alone. He is thought to be the head of a 40 member gang that targeted businesses with fake emails pretending to be CEO's or trusted suppliers. They hacked email accounts of legit companies.

One of the scams netted the hackers $15.4 million, according to Interpol. They targeted small and medium businesses in the U.S., India, and Romania, among other countries.

Back in 2014, Trend Micro started investigating the emails containing malware. The malware was designed to steal email and web logins. Trend Micro found that the command and control servers pointed to the Nigerian’s location. Mike was arrested in southern Nigeria and faces charges of hacking, conspiracy, and obtaining money under false pretenses.

According to the FBI, these scams, called “CEO fraud” or “the supplier swindle,” have been responsible for the loss of approximately $3.1 billion.

Source: PCWorld